MANILA -- Cebu Pacific is buying the boutique airline AirSWIFT for P1.7 billion.

In a statement, AirSWIFT said Cebu Pacific has signed a share purchase agreement with ALI Capital Corp. to buy 100 percent of AirSWIFT Transport Inc. shares. ALI Capital is a wholly owned subsidiary of Ayala Land, Inc., one of the Philippines’ largest property developers.

AirSWIFT is known for its fleet of planes that serve passengers in Boracay, El Nido, Cebu, Bohol, and other local tourist destinations. The boutique airline said flight schedules and service will stay the same after the CebPac purchases it.

In a statement, Cebu Pacific said the acquisition will widen their network and improve connectivity for both local and foreign travelers, helping grow businesses and local communities in key tourist hotspots.

“We are excited to play our part in increasing accessibility to local destinations that have high potential and are world-renowned for having some of the best beaches in the world," said Cebu Pacific President and Chief Commercial Officer Xander Lao.

ALI Capital President Alfonso Javier Reyes, meanwhile, said he hopes the purchase will help Cebu Pacific bring more tourists to El Nido at lower costs, noting how their AirSWIFT investment helped make El Nido a world-class tourist destination.

It was in July that Ayala Land first confirmed that it was in exploratory talks with Cebu Pacific.

Ayala-owned airline says 'exploring opportunities' with Cebu Pacific

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